A NEW, independent and free dispute resolution service, the Business Banking Resolution Service (BBRS), and leading MSPs are appealing directly to businesses throughout Scotland to see if their unresolved bank disputes can be tackled.
More than 35,000 Scottish businesses, including those who have now closed down, merged or been sold, could potentially use BBRS’ independent, free-of-charge, specialist dispute resolution service. The BBRS is urging Scottish businesses with unresolved banking disputes dating back to 2001, to see if they can apply for their support using their quick online tool.
The BBRS is fully independent and free to use. The process is overseen by Chief Adjudicator, Alexandra Marks CBE, a Deputy High Court Judge, and resolves disputes based on what is fair and reasonable for each case. Businesses going through the service will be assigned a highly skilled dispute resolution specialist, who will act as a single point of contact and offer practical support. The BBRS can make both financial and non-financial awards when a complaint is upheld.
Liz Barclay, the UK’s Small Business Commissioner and a former CEO at Citizens Advice, said: “Small and mid-sized businesses are the lifeblood of the UK economy, and we need to do all we can to help them recover and thrive after the pandemic. The opportunity, particularly for medium-sized firms, to have their, often long-standing, banking complaints settled by an independent, high-quality dispute resolution service could make a real difference to their futures. If you think your current firm or a previous one, could benefit, whether you’re an owner or a director, contact the BBRS and see if they can help.”
Scottish Conservative Party Spokesperson for Economy, Fair Work and Culture Maurice Golden, MSP for North East Scotland, commented: “As the remains in economic recovery from the pandemic, the role of small and medium-sized businesses will be crucial. In short, no recovery can take place without them at the very centre.
“Many things will need to happen for that to work, and this scheme from the BBRS will be a vital element. Many firms have run into trouble during this unprecedented time through no fault of their own. These issues need to be swiftly resolved so hardworking business owners and their staff can start focusing on the future.
“I’m delighted to support this scheme which will be a great help to businesses right across Scotland.”
Scottish Labour Party Spokesperson for Finance, Daniel Johnson, MSP for Edinburgh Southern, commented: “The covid pandemic has shattered communities, livelihoods and businesses across the country. It is going to rake all of our efforts to rebuild and strategically invest long term for the future.
“At the centre of this rebuilding will be the role of small and medium sized businesses. Its paramount we create resilience in the economy and this scheme from the BBRS will be hugely important in that endeavour.”
The process is overseen by Chief Adjudicator, Alexandra Marks CBE, a Deputy High Court Judge, and resolves disputes based on what is fair and reasonable for each case. Businesses going through the service will be assigned a highly skilled dispute resolution specialist, who will act as a single point of contact and offer practical support. The BBRS is able to make both financial and non-financial awards when a complaint is upheld.
Chief Adjudicator Alexandra Marks said: “We want as many small to medium sized businesses, charities, and directors of those no longer operating as possible to have the opportunity to use the BBRS’ service. We are encouraging them to see if they qualify for help and if so to register. If unsure, businesses can contact us to explain their situation.”
The BBRS can also assess more recent ongoing complaints through its Contemporary Scheme, which covers cases for the period from 1 April 2019 onwards: it is for businesses with turnover up to £10m per annum; and total assets up to £7.5m; and which are not eligible to take their complaint to the Financial Ombudsman Service.
The BBRS’ Historical Scheme covers banking complaints first registered in the period from 1 December 2001 to 31 March 2019. Businesses may qualify for support if they had turnover between £1 million and £6.5 million per annum at the time of their complaint, and their case has not already been settled, been subject to an independent review, or gone to court. Businesses with turnover between £6.5m and £10m with unresolved banking complaints since April 2019 can apply to the BBRS’ Contemporary Scheme for support.
SMEs are encouraged to check whether they meet the BBRS’ criteria and go on to register online at: www.thebbrs.org/register
